Alibaba has officially announced on the Hong Kong Stock Exchange that its subsidiary, Zebra Technologies, intends to pursue an independent listing on the main board of the Hong Kong Stock Exchange. Effective December 27, 2024, Zebra will cease to be included in the consolidated financial statements of the Alibaba Group. Given that Zebra was deconsolidated during the most recent full fiscal year, Alibaba has submitted a spin-off plan to the Hong Kong Stock Exchange in compliance with relevant regulations and has received the Exchange's confirmation. As of the announcement date, Alibaba holds approximately 44.72% of Zebra's shares, with Zebra being accounted for as an equity method investee of Alibaba.

The spin-off plan will be executed through a global offering of Zebra shares, encompassing a public offering in Hong Kong and an international offering. Upon the successful completion of the spin-off, Alibaba will maintain ownership of over 30% of Zebra's shares, and Zebra will continue to be recognized as an equity method investee of Alibaba.